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Shareaholic’s most recent analysis of its network traffic found that StumbleUpon’s share of referred traffic has continued its downward trend, and now has declined by 53 percent since July.

StumbleUpon has changed its design twice, most recently adopting a feature that encourages users to curate personal collections of articles and other content. Even more significantly, Sharaholic’s head of marketing Janet Aronica points out in a blog post that StumbleUpon relies heavily on iFrame wrappers, meaning that people who click to read something may not actually be clicking through to the publisher’s site.

This is bad news for the majority of publishers who monetize their content using advertising and sponsorships, because their revenue relies on pageviews.

In other findings based on Shareaholic’s network, which includes 200,000 publishers who reach 300 million people each month, Pinterest is the fourth largest driver of traffic, outpacing Yahoo organic. Google organic traffic is still the leader by far, but its share has declined from 48.88 percent to 37.86 percent over the past six months.